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Weekly Trading News - The Spread Bets Comment - updated 10 Aug 09
Indices continued their assured rise last week due to improved sentiment buoyed by a better than expected change in US nonfarm payrolls and pleasing earnings from big hitters such as HSBC and Barclays.
The Dow Jones finished up 2.34% at 9361 and the FTSE 100 gained 2.7% to 4720.
Interest rates were left by both the BoE and ECB. However the BoE spiced up their announcement with news that they are extending their Quantitative Easing by an additional £50bn, taking the total to £175bn.
GBP/USD slipped to $1.6682 on the news having traded at over $1.70 earlier in the week.
Brent Crude Oil continued to move higher, up 2.9%, helped by the rise in equities and more risk taking by traders. The technical picture looks good for a long trade as Brent closed at year-to-date highs.
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"Online Spread Bet" last update by paddypower, 10-Aug-2009
Warning: Financial spread betting carries a high level of risk. You can lose more than your initial investment or stake. Financial spread betting may not be suitable for all investors. Only trade with money that you can afford to lose. Make sure you fully understand the risk involved. If necessary, seek independent financial advice.
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Despite worsening economic news equities finished the week in fine form with FTSE 100 +2.7%, Dax 30 +2.2%, Dow +4.4% and S and P 500 +4.9%. The 1% fall in the Nikkei was partly due to its different trading hours. Microsoft stole the headlines with its $45 billion bid for Yahoo. Further sub-prime write-downs saw a record loss for UBS and a $2.3 billion loss for bond insurer MBIA. Friends Provident's >> read in full.
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US banks took the headlines again with Citigroup, Merrill Lynch and Wells Fargo recording losses of mind boggling size, accompanied by a mixture of dividend cuts and announcements of overseas funding. Comments from members of the European Central Bank suggesting a move towards lower rates caused the Euro to fall in value. The EUR/USD rate fell to $1.462 and EUR/GBP to £0.7480. Risk aversion trades saw the >> read in full.
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After a strong finish to equity markets on Friday, attention will return to the effects of the credit crunch, with the banks' reluctance to lend to one another causing money rates to continue rising. The European Central Bank has pledged to inject emergency funds into the money markets, until the end of the year if >> read in full.
Spread Bet News - last update: 22-Oct-2007
Just a week after record highs in equity markets investors decided to celebrate the anniversary of the stock market crash of 1987 by knocking 360 points off the Dow on Friday. Rising oil prices, some shocking company results and further concerns over a slump in both the US and UK housing markets sent traders >> read in full.
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